Video + Tutorial: Governing Common Wealth as a Family – an Advisor’s Perspective

The Core Theme of This Video is: Making the Best of Owning Wealth Together

Governing Common Wealth as a Family – an Advisor’s Perspective

Welcome to BFF video with tutorial!

This lesson will help you get started with all the fundamentals that you need to begin working with this video from an advisory standpoint. We will highlight contexts in which you can use this video, key messages within the video that you can emphasize to help address strategic issues, and examples of exercises that can accompany the use of the video. Ready? Let's begin. First watch the video, then click on tutorial.

Context in which you can use this video to engage discussions one-on-one or in a group:

Me

Understanding how I can encourage better communication and decision-making in the family around the wealth that binds us together.

Helper

Helping (including coaching, mentoring) members and leaders of the family understand how they can improve communication and decision-making in the family around the wealth that binds them together.

7 Key messages within this video that you can emphasize to help address strategic issues:

In relation to other individuals:

1. What is my relationship to the wealth that our family owns together?

In relation to other individuals:

2. How can I improve my behavior when our family needs to meet together to discuss our common wealth?

In relation to the family as a whole:

3. How can we clarify what owning wealth together means for our family?

In relation to the family as a whole:

4. How can we define measures and a vision/mission to guide us in positive behavior and attitude around owning wealth together?

What is your opinion on the following messages found in the video:

5. Wealthy families cannot break up because they need to govern common wealth (a company that they own together, some investments that they own together, etc.).

What is your opinion on the following messages found in the video:

6. You need to create rules as a family to meet together as owners and discuss ownership issues.

What is your opinion on the following messages found in the video:

7. Because wealthy families are bound together by common assets, they need to develop ways to communicate and make decisions together.

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Examples of exercises that can accompany the use of this video:

Readiness Factor/Readiness Index

To making the best of owning wealth together (Are you ready and prepared to help and to participate in the constructive development of methods and practices to make us better owners together?)
 

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Readiness Factor/Readiness Index

Who Do You Consider Family?

  1. Immediate Family Only
  2. Immediate Family Only + In-Laws
  3. Immediate Family Only + Cousins
  4. Extended Family
  5. Extended Family Without In-Laws

Reversed Expectations Analysis

Leadership Qualities

  • - Patient
  • - Cohesive
  • - Communication/Listening Skills
  • - Respect for All

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Reversed Expectations Analysis

If you were looking at your enterprising family from the outside, what would you expect of ‘you’ in terms of developing methods and practices to become better owners together?
 

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Readiness Factor/Readiness Index

Reversed Expectations Analysis